Participants in the advisory group welcomed the chance to be involved and to build Australia’s fintech aspirations.

“This is an example of good, strong leadership that leverages the innovation expertise of both big and small players to build a stronger financial system that delivers better outcomes for people and businesses,” CBA’s group executive for institutional banking and markets and expert advisor Kelly Bayer Rosmarin said.

“We look forward to continuing to play an important role in financial innovation through investing in the latest technology developments that position Australia at the forefront of financial innovation and opens up avenues for exporting Australian-made ideas across the globe.”

Australian fintech players have increasingly looked to Asia in recent months to expand their reach.